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Top 5 Reasons To Avoid Payday Loans

Top 5 Reasons to​ Avoid Payday Loans
Payday loans are the​ cash advances for short period .​
They are usually projected in​ the​ lime light with many so called advantages such as​ fast processing and increased approval rate .​
It requires no collateral security except a​ postdated check,​ which is​ dated on​ your payday .​
And moreover,​ it​ is​ available for even bad credit people since credit checking is​ avoided in​ payday loan processing .​
But,​ these factors alone do not qualify the​ payday loan as​ a​ safe one .​
Many experts used to​ refer the​ payday loan as​ a​ culprit,​ which prey the​ people in​ financial crisis .​
They have sum-up the​ reasons substantiating the​ risk of​ payday loans to​ mainly five.
The first and the​ most alarming reason behind the​ payday loan is​ the​ high interest rate .​
The payday loan is​ a​ characteristic unsecured loan with high interest rates than any other secured loan .​
But,​ the​ risk in​ the​ payday loan is​ that its interest rates are higher than even any other unsecured loans,​ which may be as​ high as​ 300% .​
The high interest rates will certainly be a​ burden for you​ since you​ are already in​ the​ crisis.
Moreover the​ time available to​ repay the​ loan is​ also very short .​
You have to​ repay the​ total debt amount including the​ principal amount and the​ interest rate by the​ next payday .​
It will be a​ great difficulty as​ it​ can take up a​ lion share of​ your income .​
Then people will be forced to​ fall into the​ rollover loan,​ which is​ a​ bigger risk .​
The pending amount of​ the​ loan can be split into installments but the​ interest rate will be multifold and the​ late fees also will be charged .​
It will be in​ a​ sky rocketing pattern that will be hectic for a​ common man to​ manage.
The security risk involved in​ the​ online processing is​ another reason to​ avoid the​ payday loans .​
You have to​ intimate the​ bank account number,​ social security number and other such financial and personal details for the​ loan processing .​
It will be like a​ suicidal attempt,​ if​ your vital information gets to​ any of​ the​ internet fraudulent .​
The unfavorable hidden terms in​ the​ agreement is​ an​ associated risk of​ the​ payday loan .​
Some would have included terms and conditions to​ automatically renew the​ loans or​ other one sided terms.
The impact of​ repeated payday loan applications to​ the​ credit score is​ considered to​ be a​ risk that may result far reaching consequences .​
Even though payday loans are said to​ be fast processing,​ you​ have to​ meet the​ necessary requirements such as​ a​ checking account,​ and direct checks .​
If your payday applications are rejected,​ it​ may badly affect the​ credit report.
The 5 reasons seem to​ be potential enough to​ ruin your financial stability .​
It is​ always better to​ avoid payday loan,​ if​ you​ have any other option .​
However,​ the​ availability of​ money at​ the​ right time of​ necessity should be certainly appreciated .​
Anyway,​ the​ hidden dangers behind the​ helping hand have to​ be assessed carefully before stepping in​ .​
The warning of​ the​ Consumer Federation of​ America (CFA),​ regarding the​ payday loans has to​ be taken seriously and based on​ the​ guidelines you​ can find secure payday loans.

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